Sports Equipment Market Size and Trends

The sports equipment market is estimated to be valued at USD 400.31 Bn in 2024 and is expected to reach USD 622.08 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031.

Sports Equipment Market Key Factors

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The sports equipment market has been witnessing consistent growth over the past few years. The growing health consciousness among people and promotion of sports at grassroot levels has significantly increased participation in sports worldwide. This has driven the demand for advanced and innovative sports equipment for various sports such as cricket, basketball, tennis and others. Moreover, rising number of international sports tournaments and events have also boosted the consumption of high-quality sports equipment globally. Manufacturers are increasingly focusing on product premiumization through advanced technology and design innovations to meet the evolving needs of customers. This has also attracted several new entrants in the lucrative sports equipment market.

Increasing popularity of recreational sports

The rising interest in recreational sports across both developed and developing countries has been a key driver behind the growing sports equipment market. In the modern world, people are getting increasingly health conscious and are realizing the importance of managing stress through physical activities. Sports provide an excellent medium for staying physically fit and active in a fun and engaging manner. The growing dominance of recreation and leisure has fueled the demand for various sports and exercises like badminton, tennis, swimming, gym workouts, etc. This has translated to higher demand for related sports equipment.

Another important factor is greater exposure to international sports and leagues through television and digital media. Earlier, only a handful of sports like cricket, football, and basketball were popular. However, now niche sports have also found followers with people trying them out individually or in community clubs. Social media further promotes an active lifestyle and different categories of sports gear regularly get highlighted and reviewed online. Young population is especially drawing inspiration from international athletes and their sportsperson role models to take up new recreational activities. This widens the potential customer base for varied sports products.

Inclusion and diversity in sports

The sports equipment market is witnessing diversification to cater to the wide-ranging needs of an inclusive audience. Traditionally, certain sports and equipment designs tended to exclude people based on physical abilities, cultural sensitivities, or economic access. However, the rising focus on equality and representation across segments has fostered higher participation. This has significantly expanded the customer base and opportunities for the market.